There are many Benefits of a Sacco Management System to a Sacco .In this article we are going to highlight the advantages of a Sacco Management System to a Sacco.
What is a Sacco Management system?
A Sacco management system is software that automates Sacco’s transactions and operations in one solution. The system can be installed on-premise or online and accessed via an internet connection.
What is a Sacco?
A Savings and Credit Co-operative (SACCO) is a co-operative or an organization offering financial services to its members with a primary focus on members’ savings and deposits, offering loans and generating earnings for shareholders.
Sacco plays a vital role in banking and enabling digital inclusion for the unbanked. Mostly formed by unions and co-operatives with common objectives Sacco’s have played a big role in uplifting many individuals from poverty due to access to capital and loans to start and manage business. Embracing technology is a blessing for Sacco’s as this will lead to more inclusion and growth for Sacco’s as institutions and Sacco members.
There are many tools and technologies that Sacco can adopt as they shift from manual to digital such as online Sacco’s Management system, member’s mobile application, field officer mobile applications, USSD code and Member’s Self Help Access portal.
Benefits of a Sacco Management System include;
a) Automation – a Sacco management system enables Sacco’s to automate their processes from manual and tiresome processes to digital processes.
b) Revenue generations – a Sacco software enables Sacco to generate more revenue through services such as Credit Purchases, SMS Charges, Token purchases, and bill payments with integration to third-party app members can get more value.
c) Compliance – Integrated with the accounting module the software enables records keeping enhancing financial discipline, transparency and compliance. This enables Sacco’s to be compliant with regulators such as SASRA
d) Timely transactions – a Sacco management system ensures timely and faster transaction as there is no need for manual files and cards.
e) Flexible banking – with member’s self-access portal a Sacco management system enables members to access their transaction data anywhere, anytime and at their own convince.
f) Cost effective – with the reduction of manual processes Sacco can reduce manual process costs such as printing costs, Manual document storage etc.
g) Insights and reports – generate real-time reports and insights such as savings, deposits, Loans, Shares, accounting and financial reports and make important decisions for your organizations.
h) Error reduction – with a shift from manual data input, a Sacco management system reduces errors as typing errors are done in manual forms.
i) Integration – a Sacco management system enables Sacco to gain a competitive advantage by integrating with third-party applications such as M-pesa Mobile Money, Bulk SMS, Accounting Software, Payroll software etc.
j) Enhanced communications – a Sacco management system improves Sacco’s communication with its members through SMS, alerts and emails. Many Sacco management solutions are available with different features and also different pricing.
In summary there are many Benefits of a Sacco Management System to a Sacco, Sacco’s should emulate and embrace the shift from manual process to a Sacco Management system fully.
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